Van Nuys Man Accused of Defrauding Investors
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A man accused of fraudulently raising about $20 million through his Glendale investment firm has been arrested on suspicion of mail fraud and other violations.
Melkon Gharakhanian, 43, of Van Nuys, also known as Mike Garian, was indicted Wednesday by a federal grand jury on eight counts related to his operation of National Investment Enterprises Inc., according to the U.S. attorney’s office.
From late 1999 to 2001, Gharakhanian falsely told investors he had an inside line on initial public offerings for technology-related stocks, according to prosecutors. Authorities say Gharakhanian targeted Armenians and never used investor funds as promised.
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